Exports up 13.47 pc in Oct; trade gap jumps to USD 10.5 bn

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SME Times News Bureau | 11 Nov, 2013
India's exports jumped by 13.47 percent to USD 27.27 billion in October, while imports dropped by 14.5 percent resulting the trade deficit rose to USD 10.55 billion in October after narrowing to two-and-a-half-year low of USD 6.7 billion in the previous month as purchases of gold and silver picked up ahead of the festive season, government data showed Monday.

The value of gold imports jumped to USD 1.37 billion in October as compared to USD 800 million in the previous month. India celebrates a slew of festivals in October and November, that traditionally pushes up the demands for precious metals.

In the recent months the government has taken a slew of measures including a sharp increase in duties to curb gold and silver imports.

Addressing a media briefing in New Delhi, Commerce Secretary S.R. Rao said the government's efforts have yielded results.

"Curbs on gold and silver imports have worked," Rao said adding there were positive trend in India's foreign trade as exports growth was consistent.

According to data released by the commerce and industry ministry here, the value of merchandise exports in October was USD 27.27 billion, as compared to USD 24.03 billion recorded in the same month last year, registering an year-on-year growth of 13.47 percent.

Imports fell by 14.50 percent to USD 37.82 billion during the month under review as compared to USD 44.24 billion recorded in the corresponding month of last year.

This has left trade deficit of USD 10.55 billion in October. Trade deficit had narrowed to USD 6.76 billion in September, the lowest level in 30 months.

Oil imports rose by 1.7 percent to USD 15.21 billion in October, while non-oil imports slumped by 22.8 percent to USD 22.60 billion.

Cumulative trade deficit for April-October period of the current financial year is recorded at USD 90.68 billion, sharply lower than USD 112.03 billion registered in the corresponding period of last year.

Cumulative value of exports for the period April-October USD 179.37 billion, 6.32 percent higher than USD 168.7 billion registered in the corresponding month of last fiscal.

Imports have dropped by 3.8 percent to USD 270.05 billion in the first seven months of the current fiscal year-on-year.